28165 Raleigh Crescent Dr

Chesterfield, MI 48051

$139,000D-

2 bd · 1.5 ba · 1,012 sqft · Built 2001 · Condo · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,478/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$232
• HOA: −$240
• Vac / Maint / Mgmt: −$310
• Net cashflow: $-33/mo
• Annual: $-395/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.02%
• DSCR: 0.95
• 1% rule: 1.06%
• Cash to close: $38,920

Investor read

• This is a 2-bed/1.5-bath condo listed at $139k.
• At list price, monthly cash flow is $-33 ($-395/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (3.4% below list).
• Meets the 1% rule at list price ($1k rent vs $139k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $134k (3.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• L'Anse Creuse Public Schools (suburban): math 31% / reading 51% proficiency, ranked #184 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 140 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $53k; list at $139k implies a 162% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.